Pi Network: The unconventional cryptocurrency rising to the top 20
Pi Network is attracting attention with its unique approach to cryptocurrency mining and token management, setting it apart from traditional blockchain projects. Unlike traditional mining, which requires significant computational power, Pi allows users to mine tokens on their smartphones by solving captchas once a day. This easy access method has helped build a large user base, known as "Pioneers".
A standout feature of the Pi protocol is its integrated referral system, which operates like a chain multi-level marketing (MLM) structure. Users receive a commission for each referral when they invite others to join, incentivizing network growth through social connections.
To transfer the mined Pi tokens from mobile devices to the main network, users must complete a "Know Your Customer" (KYC) process. This means that all wallets on the main network have verified identities, adding a layer of regulatory compliance and security to the ecosystem. The KYC process is mandatory for token migration and is part of Pi Network's strategy to ensure legitimacy and reduce fraud.
Another interesting mechanism is the "boost" system, where users can increase their mining rewards by locking their tokens for extended periods. For example, locking tokens for three years can double the mining rate, encouraging long-term holding and network stability.
Pi Network is currently among the top 20 cryptocurrencies.